FBN Holdings (FBNH) Plc, has declared a profit before tax of N105.5 billion in the first nine months of the year ended September 30, 2022.
The Holding Company’s third quarter (Q3) results on the Nigerian Exchange (NGX) showed that pre-tax profit grew by 99.3 per cent from N52.9 billion in September 2021 to N105.5 billion in 2022. Profit after tax rose to 123.6 per cent to N91.2 billion from N40.8 billion, while basic earnings per share stood at N2.51 compared to N1.12 as at September, 2021.
Gross earnings stood at N547.2 billion, a growth of 26.6 per cent from N432.6 billion in 2021, while interest income rose by 42.4 per cent to N370.4 billion compared to N260.1 billion in 2021. Also, net-interest income appreciated by 53.1 per cent to N249.5 billion, higher than N163.0 billion, while non-interest income increased to N157.0 billion from N154.6 billion in 2021.
Operating income stood at N406.6 billion from N317.6 billion, while operating expenses also up by 15.2 per cent to N 264.3 billion as against N 229.5 billion. Customer loans & advances recorded a year-to-date growth of 24.9 per cent as ta September 30, 2022 to N3.6 trillion as against N2.2 trillion as at December 2021, while customer deposits went up by 12.8 per cent to N6.601 trillion from N5.85 trillion in December 2021. Total asset of the Holding Company stood at N9.853 trillion, a year-to-date growth of 10.3 per cent from N8.932 trillion in December 2021.
The group managing director of FBNH, Nnamdi Okonkwo, said, “FBN Holdings has again in Q3, 2022 delivered a stellar performance, growing sustainable income from our core businesses. This is a testament to the success of our focus on carefully growing the business and driving profitability.”
He said as a result, gross earnings grew 26.6 per cent year-on-year to N546.2 billion, while profit before tax doubled y-o-y to N105.5 billion, saying that “ I am particularly delighted by the significant improvement in our credit risk portfolio.
“Specifically, the NPL ratio closed at 4.7 per cent within the regulatory threshold of five per cent, while the coverage ratio increased to 75.1 per cent from 62.2 per cent in full year 2021. Furthermore, during the period under review, in attestation of the progress made by the Group, Fitch upgraded the credit ratings of FBNHoldings and FirstBank to ‘B’ with a Stable Outlook.”
Okonkwo added that “value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimise our diverse business portfolio. We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders.”
Speaking on the results, chief executive officer of First Bank of Nigeria Limited, (Commercial Banking Group), Dr Adesola Adeduntan, stated that, “the performance of the Commercial Banking Group for the nine months ended September 30, 2022, has again shown that the Group is making progress in the pursuit of its ‘Quantum Profitability Leap’ agenda.
“The improved profitability during the period under review further reinforces the Bank’s commitment to its growth aspirations despite the challenging market conditions.”
